SEC Asks for Help to Regulate Excessive Internet Revenues

Posted by accountingweb on Nov 22 1999 143 printer friendly

The financial repercussions of the yet-to-be-defined world of the Internet has caused the Securities and Exchange Commission to seek the help of organizations like the Financial Accounting Standards Board who issue accounting rules.

The SEC wants these bodies to tighten the way they require Internet companies to book revenue in an effort to decrease the amount of fraud in Internet companies reporting high or excessive figures.

The SEC also reported it has found Internet companies booking revenue for free or bartered services provided to various audiences, and has asked that this subject be addressed as well.

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Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?

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